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by Stockwatch Business Reporter
West Texas Intermediate crude for December delivery lost $2.88 to $88.91 on the New York Merc, while Brent for January lost $2.65 to $95.36, sliding on Chinese COVID concerns and U.S. midterm jitters (all figures in this para U.S.). Western Canadian Select traded at a discount of $29.22 to WTI, up from a discount of $29.56. Natural gas for December lost 80 cents to $6.14. The TSX energy index lost 2.70 points to close at 268.87.
Canadian energy stocks fell with commodity prices. Stephen Loukas's Alberta Cardium-focused Obsidian Energy Inc. (OBE) lost $1.71 to $11.86 on 1.65 million shares, after releasing its third quarter financials. It touted an "active" quarter of "strong" production. Despite the apparent activity and strength, Obsidian's production slipped to 30,000 barrels a day in the third quarter, compared with 31,600 in the second quarter. Weaker prices and higher spending also took a toll on the results, cutting cash flow to $1.27 a share in the third quarter from $1.85 a share in the second quarter.
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